Analysis: The decline was not a systemic crisis, but rather a result of Bitcoin's inherent volatility and the market's misjudgment of the Federal Reserve's policies.

According to ME News, on February 8th (UTC+8), hedge fund veteran Gary Bode stated that Bitcoin's nearly 50% drop from its recent highs is consistent with its historically sharp but short-lived corrections, rather than a sign of a systemic crisis. Bode believes the market misinterpreted Kevin Warsh's nomination as a signal of the Federal Reserve tightening policy, and that market expectations, margin calls, and profit-taking by large investors were the main reasons for the sell-off. While whale selling and pressure from Strategy may put short-term downward pressure on prices, they will not change Bitcoin's supply ceiling or its long-term investment value as a volatile store of value. (Source: ME)